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The Africa mobile money market reached a transaction value of US$ 365.4 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 21% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Mobile money is a payment type made using mobile phones. It is based on the accounts held by a mobile operator and is accessible from subscribers’ phones. Mobile money offers simple person-to-person transactions rather than complex banking transactions. Africa has the largest mobile money market across the globe with telecom operators embracing innovative practices that allow customers to pay bills and access services including loans, insurance and savings.
Mobile money provides various financial services to people who have limited access to traditional financial institutions especially to women and rural population. Growing mobile money providers in emerging markets such as Africa helps to boost the mobile money transactions in public and private sectors. Also, the high internet penetration rates will raise the mobile money transactions as well. Moreover, the ease of accessibility, 24/7 availability, security, lower transaction costs and user friendliness will accelerate the market growth in the forecast period in the region. Countries such as Kenya and Uganda have over half of the adult population using digital financial services. Apart from increasing access to financial services, the growing mobile money industry in African region has offered a new career path and additional income opportunities to many small-scale entrepreneurs as mobile banking agents. Further, with the mobile device becoming a regularly used device, mobile money services have prominently transformed the user’s payment and money transfer experiences.
IMARC Group provides an analysis of the key trends in each sub-segment of the Africa mobile money market, along with forecasts at the regional and country level from 2021-2026. Our report has categorized the market based on technology, business model and transaction type.
Breakup by Technology
Currently, USSD holds majority of the market share in the African mobile money market.
Breakup by Business Model
Currently, mobile led model holds the largest share in the African mobile money market.
Breakup by Transaction Type
Currently, peer to peer transaction type holds the highest share in the market.
Breakup by Country
Tanzania currently holds the largest market share.
The report has also examined the competitive landscape of the market and provides the profiles of the key players operating in the industry. Some of the key players include:
|Base Year of the Analysis||2020|
|Segment Coverage||Technology, Business Model, Transaction Type, Country|
|Countries Covered||Tanzania, Kenya, Uganda, Ghana, Others|
|Companies Covered||MTN, Orange, M-Pesa, Tigo-Pesa and Airtel Money|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 1999
Five User License: US$ 2999
Corporate License: US$ 3999
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
Key Questions Answered in This Report:
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